In a stunning turn of occasions a prominent US-based firm in the houseboating market, has filed a criminal case versus Xoel Álvarez Mazaira , CEO of Mínimo Boats, affirming deceptive activities and a Ponzi system. This disagreement has escalated following the American firm's payment of 2.33 million euros for 18 units, component of a larger 120-unit order that had to be terminated as a result of Mínimo Boats' inability to deliver on schedule, some devices being postponed for as much as a year. The dispute escalated when a 1.03 million euro deposit was suspiciously relocated in the middle of the firm's personal bankruptcy.

Xoel Álvarez Mazaira, CEO of Mínimo Boats

Mínimo Boats, as soon as celebrated for its innovative floating home designs, is currently under scrutiny for stopping working to meet its enthusiastic commitments to its client. The American firm declares that only 12 of the promised 18 watercrafts were delivered, lots of with defects, and two in an unusable state. This violation of trust prolongs beyond economic losses, as the US firm claims Mínimo Boats diverted funds implied for their order to deliver boats to other clients, a timeless hallmark of a Ponzi scheme.

The trust fund in Mínimo Boats transformed sour when the latter experienced payment suspension (insolvency process) and subjected its personnel to temporary layoff schemes. The grievance submitted in O Porriño court paints a grim image of Mínimo Boats' financial mismanagement and claimed diversion of funds by Álvarez Mazaira for individual usage. The US based firm ruthless search of justice in this situation shows not simply a battle against financial deceit however additionally a stand versus the disintegration of trust fund and collaboration in the sector.